Zambia’s stock market tops global charts on copper surge

Zambia’s stock market outperformed its global peers in August, with the Lusaka Securities Exchange (LuSE) All Share Index rising 14.3%, driven by strong copper performance and renewed investor confidence.

So far in 2025, the LuSE has gained nearly 56% in kwacha terms and an impressive 84% in dollar terms, making it the top-performing market globally, just behind Ghana, according to Bloomberg.

Leading the rally is Copperbelt Energy Corporation Plc (CEC), the power supplier to the country’s mining sector. CEC’s stock has soared over 75% this year, becoming the first Zambian firm to exceed a $1 billion valuation. The company announced that its first-half earnings per share are expected to rise by 42%.

Copper production rose 18% in the first half of the year to 439,644 metric tons, and the government aims to hit a record one million tons by year-end. With copper prices hovering near $9,818 per ton on the London Metal Exchange, Zambia’s economic outlook is strengthening.

The kwacha has appreciated 19% against the dollar in 2025, aided by strong exports and progress on sovereign debt restructuring. Inflation has eased, with August marking the lowest annual rate in over two years, offering further relief to households.